Exhibit 10.30
SECOND ADDENDUM TO EMPLOYMENT
AGREEMENT
This Second Addendum to Employment
Agreement (“Second Addendum”) is made and entered into
as of this 8th day of December, 2008, by and between Colony Resorts
LVH Acquisitions, LLC, a Nevada limited liability company (the
“Company”) and Kenneth M. Ciancimino
(“Executive”).
RECITALS
WHEREAS, the Company and Executive
entered into an Employment Agreement dated as of March 9,
2004, as amended by Letter Agreement dated as of March 10,
2004, as further amended by Addendum to Employment Agreement, dated
as of April 28, 2006 (collectively, the
“Agreement”), which sets forth the specific terms of
employment and compensation of Executive;
WHEREAS, unless otherwise extended,
the Term of the Agreement will expire on February 22, 2010,
and the parties desire to extend such term.
NOW THEREFORE, in consideration of
the mutual promises, covenants and agreements contained herein, the
receipt and sufficiency of which is hereby acknowledged, the
parties hereby agree as follows:
1. Paragraph 2 of the Agreement
shall be replaced in its entirety with the following new Paragraph
2:
“2. Term. Executive’s
employment under the terms and conditions of the Agreement
commenced as of February 23, 2004 (the “Commencement
Date”) for a period of three (3) years (the
“Initial Term”). Upon the expiration of the Initial
Term, this Agreement automatically renewed for an additional three
(3) years (the “First Rene
